HomeMy WebLinkAboutResolutions - 2021.02.18 - 34161MISCELLANEOUS RESOLUTION i #21043 February 18, 2021
BY: Commissioner William Miller, Chairperson, Economic Development and Infrastructure Committee
IN RE: WATER RESOURCES COMMISSIONER —CITY OF PONTIAC WASTEWATER TREATMENT
FACILITY DRAINAGE DISTRICT DRAIN REFUNDING BONDS, SERIES 2021(TAXABLE) — FULL
FAITH AND CREDIT RESOLUTION
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS the City of Pontiac Wastewater Treatment Facility Drainage District issued its Drain Bonds,
Series 2012A (Taxable), dated August 23, 2012 (the "Series 2012A Bonds") on August 23, 2012, in the
principal amount of $53,480,000, to defray the cost of acquiring the City of Pontiac Wastewater Treatment
Facility in anticipation of the collection of the installments of a special assessment against the City of Pontiac
(the "City"), and this Board of Commissioners, by Miscellaneous Resolution No. 12138 adopted on
May 17, 2012, pledged the full faith and credit of the County of Oakland (the "County") for the prompt
payment of the principal of and interest on the Series 2012A Bonds; and
WHEREAS the Drainage Board for the City of Pontiac Wastewater Treatment Facility Drainage District (the
"Drainage Board"), intends to issue and sell its bonds, in the aggregate principal amount of not to exceed
$39,890,000 and designated Drain Refunding Bonds, Series 2021 (Taxable) (the "Refunding Bonds") to
refund all or a portion of the callable Series 2012A Bonds in anticipation of the collection of the installments
of a special assessment against the City; and
WHEREAS the Refunding Bonds will be dated as of such date, will bear interest at such rates not to exceed
5% per annum, will be in the aggregate principal amount, will mature on such dates, not later than June 1,
2034, and in such principal amounts, and will be subject to redemption prior to maturity, as shall be
determined by order of the Chairperson of the Drainage Board; and
WHEREAS the Drainage Board deems it advisable and necessary to obtain from this Board a resolution
pledging the full faith and credit of the County for the payment of the principal of and interest on the
Refunding Bonds; and
WHEREAS it is in the best interest of the County that the Refunding Bonds be sold in order to achieve debt
service savings for the City in the initially -estimated amount of approximately $4,987,318, or such other
amount satisfying the requirements of the County's Debt Management Policy dated as of January, 2004.
NOW THEREFORE BE IT RESOLVED that pursuant to the authorization provided in Section 474 of the
Drain Code of 1956, as amended, provided that the Refunding Bonds are issued within the parameters set
forth above, the Board of Commissioners of the County hereby pledges irrevocably the full faith and credit
of the County for the prompt payment of the principal of and interest on the Refunding Bonds and agrees
that, in the event the City shall fail or neglect to account to the County Treasurer for the amount of any
special assessment installment and interest when due, the amount thereof shall be advanced immediately
from County funds, and the County Treasurer is directed to make such advancement to the extent
necessary.
BE IT FURTHER RESOLVED that in the event that, pursuant to the pledge of full faith and credit, the
County advances out of County funds all or any part of an installment and interest, it shall be the duty of
the County Treasurer, for and on behalf of the County, to take all actions and proceedings and pursue all
remedies permitted or authorized by law for the reimbursement of such sums so paid.
BE IT FURTHER RESOLVED that the County Treasurer or the financial consultant, Municipal Financial
Consultants Incorporated, is authorized, if necessary to make application to the Department of Treasury for
permission to issue and sell the Bonds.
BE IT FURTHER RESOLVED that the County Treasurer is authorized to approve the circulation of a
preliminary and final official statement for the Refunding Bonds, to cause the preparation of those portions
of the preliminary and final official statement that pertain to the County, and to do all other things necessary
for compliance with Rule 15c2-12 issued under the Securities Exchange Act of 1934, as amended (the
"Rule") and that the County Treasurer is authorized to execute and deliver such certificates and to do all
other things that are necessary to effectuate the sale and delivery of the Refunding Bonds.
BE IT FURTHER RESOLVED that the County Treasurer is hereby authorized to execute and deliver in the
name and on behalf of the County (i) a certificate of the County to comply with the requirements for a
continuing disclosure undertaking of the County pursuant to subsection (b)(5) of the Rule and (ii)
amendments to such certificate from time to time in accordance with the terms of such certificate (the
certificate and any amendments thereto are collectively referred to herein as the "Continuing Disclosure
Certificate") and that the County hereby covenants and agrees that it will comply with and carry out all of
the provisions of the Continuing Disclosure Certificate and that the remedies for any failure of the County
to comply with and carry out the provisions of the Continuing Disclosure Certificate shall be as set forth
therein.
BE IT FURTHER RESOLVED that no budget amendment is required.
Chairperson, on behalf of the Economic Development and Infrastructure Committee, I move adoption of
the foregoing resolution.
Commissioner William Miller, District #14
Chairperson, Economic Development and
Infrastructure Committee
ECONOMIC DEVELOPMENT AND INFRASTRUCTURE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote.
FINANCE COMMITTEE VOTE:
Motion carried unaimously on a roll call vote.
-2-
P III I.,V A I-M I l 1111l II1, 1 11 1
MEMORANDUM
TO: Jim Nash, Oakland County Water Resources Commissioner
Steve Korth, Manager, Oakland County Water Resources
Sid Lockhart, Special Projects Manager, Oakland County Water Resources
Andy Meisner, Oakland County Treasurer
Jody Weissler DeFoe, Oakland County Chief Deputy Treasurer
Natalie Neph, Oakland County Investment Administrator
Lynn Sonkiss, Oakland County, Fiscal Services Officer
Sean Carlson, Oakland County Deputy Administrator
Eric McGlothlin, Dickinson Wright, PLLC
Laura Bassett, Dickinson Wright, PLLC
FROM: Steven A. Burke, CFA, MFCI, LLC
DATE: January 14, 2021
RE: Oakland County Water Resources Commissioner 2021 Financing Plan
Oakland County Water Resources Commissioner Working Group:
The Oakland County Water Resources Commissioner is preparing to refund three outstanding bond issues
and issue one new money issue in 2021. Two of the refunding issues will be sold in late March, one
refunding issue in July/August, and one new money issue in October/November. The total estimated present
value savings of the refunding issues, at current interest rates, is greater than $5,700,000. The current plan
is to sell two refunding issues at competitive sales the week of March 22, one refunding issue in July or
August, and new money bonds in October or November.
Refundine Bonds
Week of March 22, 2021:
• Oakland County — City of Pontiac Wastewater Treatment Facility Drainage District Drain
Bonds Series 2012A (Taxable)
o Refunded Par Amount: $38,595,000
o Estimated PV Savings at current interest rates: about $4,900,000
Oakland County Farmington Hills Water Supply System Bonds, Series 2012
o Refunded Par Amount: $4,555,000
o Estimated PV Savings at current interest rates: about $350,000
July/August 2021:
• Oakland County Farmington Hills Water Supply System Improvement Bonds, Series 2014
o Refunded Par Amount: $6,325,000
o Estimated PV Savings at current interest rates: about $525,000
New Monev Bonds
October/November 2021:
• Evergreen -Farmington Sanitary Drain Drainage District Bonds, Series 2021
o Estimated Par Amount: $32,000,000-$35,000,000
WCI, LLC 1 01/14/2021
The authorizing resolutions for the refunding bonds will be submitted for consideration to the Oakland
County Finance Committee on February 10, and the full Board of Commissioners on February 18. The
authorizing resolutions for the new money bonds will be submitted at a to be determined later date.
The Refunding Bonds will be rated together by Moody's and S&P Global. Our working group will work
with the County Treasurer's Office and Administration to schedule the Bond Rating calls at a mutually
agreeable date and time. Our current timeline schedules the rating calls the week of February 22, but we do
have some flexibility to accommodate the County's schedule as needed. The rating agencies have indicated
they will need only an abbreviated contact with the County to issue the July/August bond issue rating. We
will reach out to discuss the bond rating plan within the coming week.
A preliminary refunding timetable and estimated refunding analysis are attached to this memo. The
timetable will be updated and expanded once firm dates for the bond rating have been established.
Please let me know any questions at this time.
Sincerely,
Steven Burke, CFA
MFCI, LLC
MFC], LLC 2 01/14/2021
Oakland County - City of Pontiac Wastewater Treatment Facility Drainage District
Drain Refunding Bonds, Series 2021 (Taxable)
$39,125,000
Table of Contents
Report
Refunding Summary 1
Sources & Uses 2
Debt Service Schedule
Debt Service Comparison
Pricing Summary
Current Refunding Escrow
Detail Costs Of Issuance
Total Original Outstanding Debt Service
Pontiac WWiF 2021 Prelim I SINGLE PURPOSE 1 1/14/2021 1 2.36 PM
3
5
7
8
9
10
Oakland County - City of Pontiac Wastewater Treatment Facility Drainage District
Drain Refunding Bonds, Series 2021 (Taxable)
$39,125,000
Refunding Summary
Dated 04/14/2021 1 Delivered 04/1412021
Sources Of Funds
Pal Amount of Bonds
Transfers fmm Prior Issue Debt Service Funds
Total Sources
Uses Of Funds
Total Undeiwiher's Discount (0.800%)
Costs of Issuance _
Deposit to Current Refunding Fund
Rounding Amount
point rises
Flow of Funds Detail
State and Local Government Series (SLGS) rates for
Data of OMP Candidates
Current Refmrdmg Escrow Sunman Method
Total Cost uflnvestmenis
Interest Earnin_gs_@ 0 071 %
Total Draws
Issues Refunded And Call Dates
Pontiac WIT 2012A FINAL
PV Analysis Summary (Net to Net)
Net PV Cashfluw Savings n, 1.937%(AIC)
Transfers from Prior Issue Debt Service Fund
Contingency or Rounding Amount
Net Present Value Benefit
Net PV Benefit / Refunded Principal
Net PV Benefit / Refunding Pt Radial_
Average Annual Cash Flow Savings
Total New Net D_/S _
Total Prior D/S
Total Cashfiow Savings
Bond Statistics
Average Life
Average Coupon
Net Interest Cost (MC
Bond Yield for Arbitrage Purposes
True Interest Cost (TIC)
All Inclusive Cost LAIC)
Portar VAWF 2021 Prellm I SINGLE PURPOSE 11114140211235 PM
$39,125,000.00
3,059,936.25
$42,184,936.25
313,000 00
219,400.00
41,651,102.07
1,434 18
$42,184,936.25
1/13/2021
Net Funded
$41,651,102 07
+,834.18
$41,654,936 25
6/01/2021
8,045,819.74
(3,059,936 25)
1,434.18
$4,987,317 67
12189%
12 747%
406,084.14
44,128,727 07
49,813,905.00
5,685,177 93
7.319 Years
L7478381%
1.857139994,
1 7346362%
1.8531074%
1.9369356%
Oakland County - City of Pontiac Wastewater Treatment Facility Drainage District
Drain Refunding Bonds, Series 2021 (Taxable)
$39,125,000
Sources & Uses
Dated 04/1412021 1 Delivered 04/14/2021
Sources Of Funds
Par Amount of Bonds
_ _ $39,125,000.00
Transfers from Prior issue Debt Service Funds
3,059,936,25
Total Sources
$42,184,936.25
Uses Of Funds
Total Underwriter's Discount (0.800%)
_ _ _ 313,000 00
Costs of issuance
219,400 00
Deposit to Current Refunding Fund
41,651,10207
Rounding Amount
1,434.18
Total Uses $42,184,936.25
Pontlac W WiF 2021 Prelim I SINGLE PURPOSE 1 1t1412021 1 2.36 PM
Oaldand County - City of Pontiac Wastewater Treatment Facility Drainage District
Drain Refunding Bonds, Series 2021 (Taxable)
$39,125,000
Debt Service Schedule
Date
Principal
Coupon
Interest
Total P+I
06/01/2021
-
-
-
-
06/01/2022
2,745,00000
0300%
628,94275
3,373,942.75
06/01/2023
2,845,000.00
0400%
548,07800
3,393,07800
06/01/2024
2,865,00000
0680%
536,69800
3,401698.00
06/01/2025
2,895,000.00
0,780% _
517,216 00
_ 3,412,216 00
_ _
06/01/2026
2,915,00000
1.130%
494,635.00
3,409635.00
06/01/2027
2,955,00000
1.230%
461,695.50
3,416,69550
06/01/2028
2,990,00000
1620%
425,349+00
3,415,349+00
06/0t/2029
3,050,00000
1.720%
376,911.00
3,426,911.00
06/01/2030
3,100,000.00
1.820%
_ 324,45100
3,424,451.00
06/01/2031
3,100,000.00
1.970%
268,031.00
3,368,031,00
06/01/2032
3,160,000.00
2040%
206,961.00
3,366,961.00
06/01/2033
3,215,000.00
2140%
142,49700
3,357,49700
06/01/2034
3,290,00000
2240%
73,696.00
3,363,69600
Total
$39,125,000.00
-
$5,005,161.25
$44,130,161.25
Yield Statistics
Bond Year Dollars
_
$286,36299
Average Life
_
7 319 Years
Average Coupon
1 7478381%
Net Interest Cost (NIC)
1.8571399%
True Interest Cost (TIC)
_ _.._
1,8531074%
Bond Yield for Arbitrage Purposes,'
_ _ _
1,7346362%
,All inclusive Cost (AIC)
1.9369356%
IRS Form 8038
Net Interest Cost
_
1.7479381 %
Weighted Average Maturity
7.319 Years
Pontiac MTF 2021 Prelim I SINGLE PURPOSE 1 1114/2021 1 2.36 PM
Oakland County - City of Pontiac Wastewater Treatment Facility Drainage District
Drain Refunding Bonds, Series 2021 (Taxable)
$39,125,000
Debt Service Schedule
Date
Principal
Coupon
Interest
Total P+I
06/01/2021
-
-
-
-
12/01/2021
-
-
350,78625
350,796.25
06/Ol/2022
2,745,00000
0300%
278,156.50
3,023,156.50
12/01/2022
-
-
274,039 00
274,039.00
06/01/2023
2,845,00000
0400%
274,039.00
3,119,039.00
12/01/2023
-
-
268,34900
268,34900
06/01/2024
2,865,00000
0680%
268,349.00
3,133,34900
12/01/2024
-
-
258,608 00
258,608 00
06/01/2025
2,895,00000
0780%
258608.00
3,153,608.00
12/01/2025
-
-
247,317.50
247,317 50
06/01/2026
2,915,00000
1130%
247,317+50
3,162,317.50
12/01/2026
-
-
230,847 75
230,847 75
06/01/2027
2,955,000.00
1230%
230,847.75
3,185,847.75
12/01/2027
-
-
212,674.50
212,674.50
06/01/2028
2,990,00000
1620%
212,674.50
3_02,674.50
12/01/2028
-
-
t88,455.SO
198,455+50
06/01/2029
3,050,000.00
1.720%
198,455 50
3,238,455.50
12/01/2029
-
-
162,22550
162,225,50
06/01/2030
3,100,000.00
1820%
162,22550
3,262,225.50
12/01/2030
-
-
134,015 50
134,015.50
06/01/2031
3,100,000+00
1970%
_ _ _
134,015.50
_
3,234,015.50
12/01/2031
-
-
103,480.50
103,480 50
06/01/2032
3,160,000.00
2.040%
103,480.50
3,263,480.50
12/01/2032
-
-
71,248.50
71,248+50
06/01/2033,
3,215,000.00
'_ 2,140%
71,248 50
3,286,248 50
12/01/2033
-
-
36,848.00
36,848.00
06/01/2034
3,290,00 00
2,240%
36M&00
3,326,84800
Total
$39,125,000.00
-
$5,005,161.25
$44,130,161.25
Yield Statistics
Bond Year Dollars _
_ _ $286,362 99
Average Life
7 319 Years
Average Coupon
1 7478381%
Net Interest Cost (N1C)
1.8571399%
True Interest Cost (TIC)
_ 1.8531074%
Bond Yield for Arbitrage Purposes _ _ _
1.7346362%
All Inclusive Cost (AIC)
19369356%
IRS Form 8038
Net Interest Cost _
1,7479381%
Weighted Average Maturity
7 319 Years
Pontlac V F 2021 Prelim I SINGLE PURPOSE 11/14I2021 1 2.36 PM
Oakland County - City of Pontiac Wastewater Treatment Facility Drainage District
Drain Refunding Bonds, Series 2021 (Taxable)
$39,125,000
Debt Service Comparison
Date
Total P+I
Net New D/S
Old Net D/S
Savings
06/01/2021
-
(1,434.18)
-
1,434.18
06/01/2022
3,373,942.75
3,373,942.75
3,813 032 50
439,089.75
06/01/2023
3,393,078
00
3,393,078 00
3,828,502.50
435,424.50
06/01/2024
3,401,698.00
3,401,698.00
3,836,872,50
435,17450
O6/01/2025
3,412,216,00
3,41? 216,00
3,847,822.50
43_5,606.50
06/01/2026
_ _ _
3,409,635.00
3,409,635 00
3,849,382.50
B3 M 50
06/O1/2027
3,416,695.50
3,416,69550
3,856,102.50
439,407.00
06/01/2028
3,415,349.00
3,415,34900
3,854,790.00
439,44100
06/01/2029
3,426,911,00
3,426,91100
3,861,600.00
434,689.00
3,424,451,00
3,424,451.00
3,859,20000
434,74900
_06/012030
06/O1/2031
3,368,031.00
3,368,031.00
3,807,000.00
438,969.00
O6/O1/2032
3,366,96100
3,366,961.00
3,801,80000
434,83900
06/01/2033
3357,497,00
3,357,49700
3,796,600.00
439,103.00
06/O1/2034
3,363,696.00
3,363 696 00
3,801,200 00
437,504 00
Total
$44,130,161.25
$44,128,727.07
$49,813,905.00
$5,685,177.93
PV Analysis Summary (Net to Net)
Gross PV Debt Service Savings 8,045,819.74
Net- PV Cashflow Savings(rd I937%(NC) 8,045,819.74
_ Transfers from Prior Issue Debt Service Fund
Contingency or Rounding Amount
Net PresentValue Benefit
_ Net PV Benefit l$40;9f5,000Refunded Principal'
Net PV Benefit / $39,125,000 Refunding Principal
Refunding Bond Information
(3,059,936.25)
1,434.18
$4,997,317.67
12.189%
12,747%
Refunding Dated Date _ 4/14/2021
Refunding Delivery Date 4/14/2021
Pontlac WWLF 2021 Prelim I SINGLE PURPOSE 11/14/202112:36 PM
Oakland County - City of Pontiac Wastewater Treatment Facility Drainage District
Drain Refunding Bonds, Series 2021 (Taxable)
$39,125,000
Debt Service Comparison
Date
Total P+I
Net New D/S
Old Net D/S
Savings
06/01/2021
-
(1,43418)
-
1,434.18
12/01/2021
350,786.25
350,78625
711,51625
360,73000
06/01/2022
3,023,156.50
3,023,156 50
3,101,516.25
78,359.75
12/01/2022
274,039.00
274,03900
679,25125
405,212,25
06/01/2023
3,119,039,00
3,119,039.00
3,149,251.25
30,21225
12/01/2023
268,349.00
268,349.00
643,436.25
375,08725
06/01/2024
3,133,349 00
3,133,349.00
3,193,436.25
60,097_25
12/01/2024
259,608.00
258,608.00
603,91125
345,303.25
06/01/2025
3,153,608.00
3,153,608 00
3,243,91125
90,303 25
12/01/2025
247,317.50
247,317.50
559,691.25
312,373.75
_
06/01/2026
3,162,317.50
3,161,31750
3,28969125
127,37375
12/01/2026
230,847.75
230,847.75
510,551.25
279,70350
06/01/2027
3,185,847.75
3,185,847 75
3,345,551 25
159,703 50
12/01/2027
212,67450
212,674.50
457,395.00
244,720.50
06/01/2028
3,202,674,50
3,202,674 50
3,397,395.00
194,720 50
12/01/2028
_ _
188,455.50
188,455.50
400,800.00
212,344.50
06/01/2029
3,238,455.50
3,238,455.50
3,460,80000
222,344.50
1210IY2029
162,225.50
162,225.50
339,600.00
177,374.50
06/01/2030
3,262,225.50
3,262,225.50
3,519,600.00
257,374.50
134,015.50
134,015.50
276,000.00
141984.50
_ _12/01/2030 _
06/01/2031
3,234,015 50
3,234,015 50
3,531,000 00
296,984 50
12/01/2031
103,480.50
103,480.50
210,900.00
107,419.50
06/01/2032
3,263,48050
3,263,480.50
3,590,900.00
327,41950
12/01/2032
71,248,50
71,248.50
143,300.00
72,051.50
06/01/2033
3286,248.50
3,286,248.50
3,653,30000_ _
367,051.50
12/01/2033
36,848.00
36,848.00
73,100.00
36,252.00
06/011/2034
3,326,848.00
3,326,848.00
3,728,10000
401,252.00
'Total
$44,130,161.25
$44,128,727.07
$49,813,905.00
$5,685,177.93
PV Analysis Summary
(Net to Net)
Gross PV Debt Service Savings
8,045,819.74
Net PV Cashilow Savings tim
1.937%(AIC)
8,045,819 74
Transfers from Prior Issue Debt
Service Fund
(3,059,936 25)
Contingency or Rounding Amount
1,434.18
Net Present Value Benefit
$4,987,317 67
Net PV Benefit / $40,915,000
Refunded Principal
12.189%
Net PV Benefit / $39,125,000
Refunding Principal
12.747%
Refunding Bond Information
Refunding Dated Date
4/14/2021
Refunding Delivery Date
_
4/14/2021
PonYac VVV✓rF 2021 Prellm 1 SINGLE PURPOSE 11/1412021 12,36 PM
Oakland County - City of Pontiac Wastewater Treatment Facility Drainage District
Drain Refunding Bonds, Series 2021 (Taxable)
$39,125,000
Pricing Summary
Type of
Maturity Bond
Coupon
Yield
Maturity Value
Price
Dollar Price
06/01/2022 Serial Coupon
0.300%
0.300%
2,745,00000
100000%
2,745,00000
06/O1/2023 Serial Coupon
0,400%
0400%
2,845,000.00
100,000%
2,845,000.00
06/O1/2024 Serial Coupon
0.680%
0.680%
2,865,00000
100000%
2,865,00000
06/01/2025 Serial Coupon
0790%
0.780%
2,895,000.00
100,000%
2,895,000.00
06/01/2026 Serial Coupon
1.130%
1.130%
_ _ 2,915,000 00
100000%
2,915,000 00
_
06/O1/2027 Serial Coupon
_
1230%
1.230%
_
2,955,00000
100,000%
2,955,000.00
06/01/2028 Serial Coupon
1.620%
1.620%
2,990,000 00
100000%
2,990,000 00
06/01/2029 Serial Coupon
1720%
1,720%
3,050,000.00
100000%
3,050,000.00
06/O1/2030 Serial Coupon
1 820%
1 820%
3,100,000 00
100000%
3,100,000 00
06/01/2031 Serial Coupon
1970%
1,970%
3,100000.00
100,000%
3,100,000.00
06/O1/2032 Serial Coupon
2.040%
2.040%
3,160,000.00
100000%
3,160,00000
06/O1/2033 Serial Coupon
2140%
2.140%
3,215,000.00
100.000%
3,215,000.00
06/01/2034 Serial Coupon
2,240%
2.240%
3,290,000,00
100000%
3_90,00000
Total -
-
-
$39,125,000.00
-
$39,125,000.00
Bid Information
Par Amount of Bonds
_
$39,125,000.00
Gross Production
$39,125,000 00
Total Underwriter's Discount (0.800%)
$(313 000 00)
Bid 599.200%)
38,812 000.00
Total Purchase Price
$38,812,000 00
Bond Year Dollars
$286,362.99
Average Life
7.319 Years
Average Coupon
1,7478381%
Net Interest Cost (NIC) _
_ _ _
1 8571399%
True Interest Cost (TIC)
1.8531074%
PonflacW F2021 Prelim I SINGLE PURPOSE I V1412021 1 2:36 PM
Oakland County - City of Pontiac Wastewater Treatment Facility Drainage District
Drain Refimding Bonds, Series 2021 (Taxable)
$39,125,000
Current Refunding Escrow
Date Principal Rate Interest
Receipts
Disbursements Cash Balance
04/14/2021 - - -
0.07
- 0.07
06/01/2021 41,651,10200 0.070% 3,83418
41654,936.18
41,654,936.25 -
Tutal $41,651,102.00 - $3,834.18
$41,654,936.25
$41,654,936.25 -
Investment Parameters
Investment Model [PV, GIC, or Securities] _
_ _
Securities
Default investment yield Target
Bond Yield
Cash Depusit
_ _ 007
Cost of investments Purchased with Bond Proceeds _ _ _
41,651,102.00
Total Cost oflnvestments
$41,651,102 07
Target Cost of investments at bond yield
$41,561,114 38
Actual positive or (negative) arbitrage
(89,997 69)
Yield to Receipt
0.0705192 %
Yield for Arbitrage Purposes
1.7346362%
State and Local Government Series (SLGS) rates for 1/06/2021
Pontiac vMF 2021 Prelim ]SINGLE PURPOSE] 1/14/2021 1236 PM
Oakland County - City of Pontiac Wastewater Treatment Facility Drainage District
Drain Refunding Bonds, Series 2021 (Taxable)
$39,125,000
Detail Costs Of Issuance
Dated 04114120211 Delivered 04/1412021
COSTS OF ISSUANCE DETAIL
Financial Advisor__
Band Counsel _
12atmg Agency Fee
_Advertising _
stale ol'Michigan Fee
MAC Fee
Mumplatform
Escrow and Paying Agent Fee
Verification Agent Fee
TOTAL
Pontiac W F2021 Pella I SINGLE PURPOSE 1 1/14/2021 1 2:36 PM
$541 900 00
$110,00000
$48,000 00
$1,705 00
--- - --$1,10000
$400.00
$795.00
$1,000.00
$1,500 00
$219,400.00
Oakland County - City of Pontiac Wastewater Treatment Facility Drainage District
Drain Refunding Bonds, Series 2021 (Taxable)
$39,125,000
Total Original Outstanding Debt Service
DATE
12/01/2012
06/01/2013
12/01/2013
06/01/2014
12/01/2014
O6/01/201S
12/01/2015
06/01/2016
12/01/2016
06/01/2017
12/01/2017
06/01/2018
12/01/2018
06/01/2019
_ 12/01/2019
06/01/2020
12/01/2020
06/01/2021
12/01/2021
06/01/2022
12/01/2022
06/01/2023
12/01/2023
00/01/2024
12/01/2024
06/01/2025
12/01/2025
06/01/2026
12/01/2026
06/01/2027
12/01/2027
06/01 /2028
12/01/2028
06/01/2029
12/01/2029
06/01/2030
12/01/2030
06/01/2031
12/01/2031
06/01/2032
12/01/2032
06/01/2033
12/01/2033
06/01/2034
Total
Pontiac WWTF
2012A FINAL
Pongee\AWTF 2021 Prelim I SINGLE PURPOSE 11I14I2021 1 2'.36 PM
1,285,919 89
832,610.00
832,610.00
832,610.00
2,777,610.00
825,802 50
2,825,802 50
815,802 50
2,875,802.50
802,412.50
2,927,412.50
794,881.25
2,969,881.25
764,123 75
3,014,123 75
739,936 25
3,059,936.25
711,516.25
3,101,516 25
679,251 25
3,149,251.25
643,436.25
3,193,436.25
603,911.25
3,243,911.25
559.691 25
3,289,691.25
510,551 25
3,345,551.25
457,395.00
3,397,395.00
400,800 00
3,460,800 00
339,600.00
3,519,600.00
276,000.00
3,531,000.00
210,900 00
3,590,900 00
143,300 00
3,653,300.00
73,100.00
3,728,100.00
$78,781,182.39
TOTAL P+I
1,285,919.99
832,610 00
832,610 00
832,610.00
2,777,610.00
825,802.50
2,825,902.50
915,902.50
2,975,802.50
902,412.50
2,927,412.50
784,881.25
2,969,881 25
764,123 75
3,014,123 75
739,93625
3,059,936.25
711,516.25
3.101,516 25
679,251 25
3,149,251+25
643,436+25
3,193,436.25
603,911.25
3,243,911.25
559,69125
3,289,691 25
510,551 25
3,345,551.25
457,395.00
3,397,395+00
400,800.00
3,460,800.00
339,600 00
3,519,600 00
276,000 00
3,531,000 00
210,900.00
3,590,900.00
143,300+00
3,653,300 00
73,100 00
3,728,100.00
$78,781,182.39
Resolution #21043 February 18, 2021
Moved by Nelson seconded by Weipert the resolutions on the Consent Agenda be
adopted.
AYES: Charles, Gershenson, Hoffman, Jackson, Joliat, Kochenderfer, Kowall,
Kuhn, Long, Luebs, Markham, McGillivray, Miller, Moss, Nelson, Powell, Spisz,
Weipert, Woodward, Cavell. (20)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions on the Consent Agenda were
adopted.
Moved by Nelson seconded by Weipert MR #21047 be amended as follows:
Add all Commissioners as co-sponsors of the resolution.
A sufficient majority having voted in favor the amendment can ied.
HEREBY APPROVE THE FOREGOING RESOLUTION
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lisa Brown, Clerk of the County of Oakland, do hereby ,certify that the foregoing
resolution is a true and accurate copy of a resolution adopted by the Oakland County
Board of Commissioners on February 18, 2021, with the orginal record thereof now
remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the Circuit
Court at Pontiac, Michigan this 18th day of February 2021.
Lisa Brown, Oakland County